Mileage

[OtisMozzetti]

How economics and politics affect tax services business

In the near future, these economic and political developments can be expected to affect tax service businesses in at least the following ways:

1. The recession, and the inflation arising from oil price increases, can be expected to reduce clients' willingness to pay for tax services,

2. Federal and state governments will have a stronger than ever appetite for tax revenue increases, i.e. for tax enforcement, and

3. There will likely be a goodly number of significant tax law changes not too long after the November election, late during 2008 or early during 2009.

[Black Bart]

About those

logs being...kept/ not kept.

How many clients do you know -- outside of those who make up one for an audit or at our insistence -- that actually DO keep a real log? I can count mine on the fingers of one hand.

[Snaggletooth]

Sorry

Dennis, I'm flattered that you took to heart something I posted, but it was a mistake on my part -- at least for this message board. After my post, the discussion degenerated very quickly, and unfortunately, I believe the same thing would happen again. I'm trying to resist posting in the future with my own political reactions, although sometimes it's hard to separate taxes and politics.

Brad and Paul can do what they wish - I'm sure if they would do it for anyone, they would for you. If we like the idea of a third party, it should be easy to find a blog somewhere or a website maintained by an organization trying to accomplish same. If Brad/Paul allows your thread, please don't be disappointed if I don't join the discussion. I have some very definite ideas on the subject but would rather expound on them somewhere other than here.

[DTS]

Discussion

...After my post, the discussion degenerated very quickly, and unfortunately, I believe the same thing would happen again. I'm trying to resist posting in the future with my own political reactions, although sometimes it's hard to separate taxes and politics.

Even with good intentions, you are probably right about this, better left to another forum. Maybe down the road, some of us can join in somewhere and toss around a few ideas and points of view.

I have this very good friend that, politically, is so opposite from me. As you can imagine, it's better not to talk about anything related to politics, as we both just explode. Yet, he and I are able to find a huge common ground when we leave the politics and politicians out of the mix. What nice talks we've had when we set all this other stuff aside. We're not too different when we do this, although, that doesn't happen often enough!

Dennis

[Chief]

Mileage Logs

If my clients do not have written proof of when those miles are actually driven then I will use the % method. Now is the time to inform them of the need to have a log with mileage and dates. It goes without saying that you dont do all your driving in the months or weeks that gas is so high.
I dont look forward to next tax season. However, I must charge for time as wellas for forms used.
What else will the next tax season bring? Don't tell me; I like surprises.

[Black Bart]

Hi there, chieftain,

If my clients do not have written proof of when those miles are actually driven then I will use the % method. Now is the time to inform them of the need to have a log with mileage and dates. It goes without saying that you dont do all your driving in the months or weeks that gas is so high.
I dont look forward to next tax season. However, I must charge for time as wellas for forms used.
What else will the next tax season bring? Don't tell me; I like surprises.

We don't hear from you much. How are you? Are you in Florida or "up North." Give us an update. Thanks.

[ED SMITH]

I caught the very tail-end of a news story yesterday where some guy was telling the newsman that Wall St. was taking steps to remove oil out of the speculative markets, in an effort to lower the price. I don't know how they could do this, but was intrigued.

Has anyone heard something along those lines? I only caught the last 7 or 8 seconds of the storyline.

Dennis

It wouldn't do any good. The NYMEX is a regulated oils future exchange, but a large part of the futures is done by unregulated OTC internet sites. There is also an oil exchange in London and another in Dubai, so closing NY would only have the effect of creating further speculation, which perhaps accounts for 60% of the oil price.

http://www.financialsense.com/editorials/engdahl/2008/0502.html

What happens in wildly speculative markets is that they become like a big balloon and eventually burst causing prices to plummet. I don't think the time is too far off when this will happen. Sharp spikes, like the current one, are sometimes an indicator that a reversal is about to take place. Let's hope so.

[veritas]

Now that's a quote!

"If I were two-faced, would I be wearing this one?" -- Abraham Lincoln.

[veritas]

Actually I see the opposite

In the near future, these economic and political developments can be expected to affect tax service businesses in at least the following ways:

1. The recession, and the inflation arising from oil price increases, can be expected to reduce clients' willingness to pay for tax services,

2. Federal and state governments will have a stronger than ever appetite for tax revenue increases, i.e. for tax enforcement, and

3. There will likely be a goodly number of significant tax law changes not too long after the November election, late during 2008 or early during 2009.

The government hasn't seen a problem yet it can't rectify with a new tax act.

[Chief]

Floridian

Bart, I am still in Fl. Going to Michigan in the summer was an experiment that did not work out. I only did it for two summers for my wife who decided in two weeks that it was not such a good idea after all. "You can't go home again."
We are on the southwest coast of Fl and now into the beginning of the hurricane season.
Plan to visit out son who lives near Rochester, NY for 10 days the first week in July. Am still doing taxes in a small home based business. This year changed software from TS Slayer Pro which I was very satisfied with to Orr Intellitax through TaxAlliance, a consortium of small independent tax preparers. I had secretly wanted to go with a forms based software all through the years but was afraid of making that change. I finally had the gumption to do it. Is that an Arkansas term? We used it in South Carolina. I wish you and all of the posters on TB Message Board a good summer.